Finance Minister Nirmala Sitharaman has thrown down the gauntlet to Rahul Gandhi and the Congress party during the ongoing Lok Sabha Elections 2024. She's demanding answers on how the Congress plans to pull off their ambitious 'Khata Khat' schemes without hiking taxes.
In a recent social media post, Sitharaman took aim at the Congress, accusing them of making grand promises without a clear fiscal plan. She highlighted the importance of considering GDP growth when calculating debt, unlike what she perceives as the opaque approach of the Congress.
Sitharaman didn't hold back, questioning whether the Congress has assessed the financial implications of their manifesto promises. She specifically targeted the 'Khata Khat' schemes, questioning their cost and whether the Congress intends to increase borrowing or taxes to fund them.
Furthermore, she challenged Rahul Gandhi on how many existing welfare schemes the Congress would scrap to accommodate the financial burden of the 'Khata Khat' schemes. Sitharaman asserted that despite the challenges posed by the COVID-19 pandemic, the Modi government managed finances better, reducing the fiscal deficit from 9.2% to 5.8% of GDP.
Highlighting the UPA's track record, Sitharaman emphasized that India faced high fiscal deficits for six consecutive years under their governance, even without a crisis like COVID-19. This, she argues, underscores poor fiscal management during the UPA era.
Sitharaman further pointed out the Modi government's post-pandemic fiscal strategy, which focused on balancing fiscal consolidation with sustaining economic growth. This approach led to a significant reduction in the fiscal deficit, demonstrating the government's commitment to responsible fiscal management. She emphasized the importance of prudent financial planning in times of crisis and questioned the feasibility of the Congress' extravagant schemes without jeopardizing the country's fiscal health.
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